The government has recently announced that it has successfully obtained GH₵3.9 billion through the reopened domestic debt exchange programme, according to the Ministry of Finance.
The Ministry of Finance has stated that there will be no more tenders accepted, and any revocations or withdrawals will not be permitted.
The government has set September 29, 2023, as the settlement date for the newly issued tranches.
This domestic debt exchange initiative is a crucial component of the government’s overall plan to reduce its debt and improve its debt sustainability.
Please find the complete statement below:
THE GOVERNMENT ANNOUNCES RESULTS OF THE REOPENING OF THE DOMESTIC DEBT EXCHANGE
1. The Government announces today the results of the reopening of its domestic debt exchange which closed at 4:00 p.m. on 22nd September 2023.
Holders eligible to participate in the reopening (as determined by the Central Securities Depository) tendered an aggregate amount of GHS3,990,828,533 of outstanding Eligible Bonds.
Capitalised terms used but not defined herein have the meaning ascribed to such terms in the Exchange Memorandum (as amended from time to time) available at https://projects.morrowsodali.com/GhanaDDE and https://mofep.gov.gh/news-and-events/debt-operations.
2. The Government deeply expresses its appreciation to bondholders and key stakeholders for their immense support of the Domestic Debt Exchange Programme (DDEP), the results of which constitute a significant achievement for the Government to implement fully the economic strategies in the post-COVID-19 Programme for Economic Growth (PC-PEG) during this current economic crisis.
3. Attached overleaf as an Appendix Table presents the details regarding the results of the reopening of the domestic debt exchange.
4. As the Invitation Period has expired, no new tenders will be accepted, and no revocations or withdrawals are permitted. For more details on these procedures, please refer to the Exchange Memorandum or contact the Central Securities Depository (CSD) at the contact information below.
5. The settlement of the New Tranches pursuant to the Invitation to Exchange is expected to occur on 29th September 2023, when the Government will issue the New Tranches to Eligible Holders whose offers have been accepted for credit to the account of such tendering Eligible Holder at the CSD.
The Government reserves the right to extend such settlement date (including with respect to one or more series of Eligible Bonds).
Source: Apexnewsgh.com/Ghana
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